BELLEVUE, Wash.–( BUSINESS WIRE )–Terreno Realty (NYSE:) Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial properties in six major US coastal markets, acquired an industrial property located in Maspeth Queens, New York on December 27, 2024 for a purchase price of approximately $50.1 million.
The property consists of one industrial transshipment building containing approximately 33,000 square feet on 2.6 acres. Located at 49-15 Maspeth Avenue, less than a mile from the intersection of I-278 (Brooklyn-Queens Freeway) and I-495 (Queens Midtown/Long Island Freeway), the property offers 40 docks in height and four levels of loading bays, 50 additional spaces for trailers and parking for 31 cars. The property is 100% leased to a plumbing, heating, HVAC and industrial products distributor, and the estimated stabilized capital rate is 4.5%.
Estimated stabilized cap rates are calculated as annual net operating income on a cash basis stabilized at market occupancy (generally 95%) divided by the total acquisition cost. In total (EPA:) acquisition cost includes the initial purchase price, the effects of marking the assumed debt to market, the buyer’s due diligence and closing costs, estimated short-term capital expenditures and leasing costs necessary to achieve stabilization.
Terreno Realty Corporation acquires, owns and manages industrial properties in six major US coastal markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle and Washington, DC
Additional information about Terreno Realty Corporation is available on the company’s website at www.terreno.com.
Forward-looking statements
This press release contains forward-looking statements within the meaning of federal securities laws. Investors are cautioned that forward-looking statements are based on management’s beliefs and on assumptions and information currently available to management. When used, the words anticipate, believe, estimate, expect, intend, might, perhaps, plan, project, result, should, will, seek, aim, see, likely, position, opportunity, prospect, potential, enthusiastic, future and the like expressions that do not refer only to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties and factors beyond our control, including risks related to our ability to meet estimated forecasts relating to stabilized cap rates and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023 and our other public filings. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, actual results could differ materially from those expected, estimated or projected. We expressly disclaim any obligation to update our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, investors should be cautious in relying on forward-looking statements based on results and trends at the time they are made to predict future results or trends.
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Jaime Cannon
415-655-4580
Source: Terreno Realty Corporation
